Governor, Lawmakers Agree On At Least $675M in Additional Revenue

March 19th, 2018

Last Friday, the Division of Budget and the legislative fiscal committees released the Consensus Economic and Revenue Forecast Report, which concludes that there will be between $675 million and $750 million in additional revenue than originally projected in the Governor’s Executive Budget proposal. Reaching agreement on state revenues is a key step for lawmakers in terms of enacting an on-time state budget.

The report cites several “risks” to the state economy (and thus state revenues), including the potential impact of federal tax law changes, but found that household spending, employment and net worth are due to increase in 2018.

Our message to lawmakers this budget season is a simple one — New York State government doesn’t have a revenue problem, it has a spending problem. Any proposals to enact new taxes or increase existing ones must be rejected.